Defiance Hotel, Airline, and Cruise ETF
ETF
CRUZ
Price as of:
$21.99
+ $0.26
+ 1.21%
Primary Theme
N/A
fund company
N/A
Name
As of 04/23/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
2.3%
1 yr return
23.4%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$36.4 M
Holdings in Top 10
63.6%
52 WEEK LOW AND HIGH
$21.7
$16.96
$22.76
Expenses
OPERATING FEES
Expense Ratio 0.45%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 04/23/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
CRUZ - Profile
Distributions
- YTD Total Return 2.3%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 0.0%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameDefiance Hotel, Airline, and Cruise ETF
-
Fund Family NameN/A
-
Inception DateJun 03, 2021
-
Shares OutstandingN/A
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerAnand Desai
Fund Description
The Fund uses a “passive management” (or indexing) approach to track the total return performance, before fees and expenses, of the Index.
BlueStar Global Hotels, Airlines, and Cruises Index
The Index is a rules-based index that consists of globally-listed stocks of companies that derive at least 50% of their revenues from the passenger airline, hotel and resort, or cruise industries (“Travel Companies”) as determined by MV Index Solutions GmbH (the “Index Provider”). The Index may include companies in developed countries, including the United States, as well as emerging market countries. To be added to the Index, an Index component must meet the Index’s investibility and liquidity requirements, including a market capitalization greater than or equal to US$150 million, and once included in the Index, companies are eligible to remain in the Index at reduced investibility and liquidity thresholds (collectively, the “Investibility Requirements”).
At the time of each semi-annual reconstitution of the Index, Travel Companies meeting the Investibility Requirements are added to the Index based on their free-float market capitalization (from largest to smallest) until their aggregate free-float market capitalization is at least 95% of the free-float market capitalization of all Travel Companies meeting the Investibility Requirements with at least 25 Travel Companies. If such rules result in fewer than 25 Index components, the largest remaining eligible companies are selected until the number of components reaches 25.
At the time of each quarterly rebalance of the Index, the Index components are initially weighted by their float-adjusted market capitalization and separated into three tiers: (i) hotels, (ii) airlines, and (iii) cruises. If the aggregate weight of any tier would exceed 50%, then that tier’s weight is set to 50% and the excess weight is distributed to the other two tiers on a pro-rata basis. If the weight of any tier would be less than 15%, that tier’s weight is set to 15% and the difference is subtracted from the other two tiers on a pro-rata basis. Index components are then weighted based on their float-adjusted market capitalization within each tier, subject to a maximum weight of 8% for any individual security and adjustments downward based on certain liquidity criteria. Excess weight resulting from such adjustments is redistributed among the remaining constituents in the applicable tier.
The Index is reconstituted semi-annually after the close of business on the third Friday of each March and September and rebalanced quarterly on the third Friday of each March, June, September, and December based on data as of the last business day of the month prior to such reconstitution or rebalance.
As of March 31, 2023, the Index was composed of 56 constituents, 20 of which were listed on a non-U.S. exchange. The Index was established in 2021 and is owned and maintained by the Index Provider. The Index Provider partnered with the Fund’s investment adviser to co-develop the methodology used to determine the securities included in the Index. The Index Provider is not affiliated with the Fund or its investment adviser, sub-adviser, or distributor.
The Fund’s Investment Strategy
Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in Travel Companies. The foregoing policy may be changed without shareholder approval upon 60 days’ written notice to shareholders.
The Fund will generally use a “replication” strategy to achieve its investment objective, meaning the Fund will generally invest in all of the component securities of the Index in the same approximate proportions as in the Index. However, the Fund may use a “representative sampling” strategy, meaning it may invest in a sample of the securities in the Index whose risk, return, and other characteristics closely resemble the risk, return, and other characteristics of the Index as a whole, when the Fund’s sub-adviser believes it is in the best interests of the Fund (e.g., when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index).
To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. The Index, and consequently the Fund, is expected to be concentrated in Travel Companies.
The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund.
CRUZ - Performance
Return Ranking - Trailing
| Period | CRUZ Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.3% | -25.0% | 16.3% | 67.31% |
| 1 Yr | 23.4% | -31.8% | 19.9% | N/A |
| 3 Yr | N/A* | -4.6% | 21.0% | N/A |
| 5 Yr | N/A* | -1.9% | 12.2% | N/A |
| 10 Yr | N/A* | 1.1% | 14.3% | N/A |
* Annualized
Return Ranking - Calendar
| Period | CRUZ Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 33.8% | -55.7% | 29.4% | N/A |
| 2022 | -24.4% | -13.5% | 24.4% | N/A |
| 2021 | N/A | -3.6% | 31.0% | N/A |
| 2020 | N/A | -6.6% | 10.4% | N/A |
| 2019 | N/A | -7.1% | 5.8% | N/A |
Total Return Ranking - Trailing
| Period | CRUZ Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.3% | -41.3% | 16.3% | 92.31% |
| 1 Yr | 23.4% | -31.8% | 19.9% | N/A |
| 3 Yr | N/A* | -4.6% | 21.0% | N/A |
| 5 Yr | N/A* | -1.9% | 12.2% | N/A |
| 10 Yr | N/A* | 3.7% | 14.3% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | CRUZ Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 35.3% | -55.7% | 29.4% | N/A |
| 2022 | -24.3% | -13.5% | 24.4% | N/A |
| 2021 | N/A | -3.6% | 31.0% | N/A |
| 2020 | N/A | -6.6% | 10.4% | N/A |
| 2019 | N/A | -7.1% | 5.8% | N/A |
CRUZ - Holdings
Concentration Analysis
| CRUZ | Category Low | Category High | CRUZ % Rank | |
|---|---|---|---|---|
| Net Assets | 36.4 M | 979 K | 16.1 B | 59.26% |
| Number of Holdings | 56 | 25 | 327 | 57.41% |
| Net Assets in Top 10 | 26.4 M | 431 K | 11.1 B | 57.41% |
| Weighting of Top 10 | 63.61% | 13.6% | 74.1% | 37.04% |
Top 10 Holdings
- Mount Vernon Liquid Assets Portfolio, LLC 14.42%
- Marriott International Inc/MD 8.20%
- Hilton Worldwide Holdings Inc 8.06%
- Royal Caribbean Cruises Ltd 6.66%
- Delta Air Lines Inc 6.18%
- Carnival Corp 5.96%
- Ryanair Holdings PLC 4.80%
- Southwest Airlines Co 3.43%
- InterContinental Hotels Group PLC 3.00%
- United Airlines Holdings Inc 2.90%
Asset Allocation
| Weighting | Return Low | Return High | CRUZ % Rank | |
|---|---|---|---|---|
| Stocks | 99.29% | 77.53% | 100.38% | 48.15% |
| Cash | 15.69% | -0.37% | 22.47% | 50.00% |
| Preferred Stocks | 0.00% | 0.00% | 0.00% | 87.04% |
| Other | 0.00% | -2.11% | 0.43% | 72.22% |
| Convertible Bonds | 0.00% | 0.00% | 0.04% | 87.04% |
| Bonds | 0.00% | 0.00% | 0.42% | 87.04% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | CRUZ % Rank | |
|---|---|---|---|---|
| Utilities | 0.00% | 0.00% | 6.10% | 87.04% |
| Technology | 0.00% | 0.00% | 56.29% | 96.30% |
| Real Estate | 0.00% | 0.00% | 38.79% | 7.41% |
| Industrials | 0.00% | 0.00% | 42.91% | 3.70% |
| Healthcare | 0.00% | 0.00% | 13.27% | 90.74% |
| Financial Services | 0.00% | 0.00% | 7.31% | 87.04% |
| Energy | 0.00% | 0.00% | 1.00% | 87.04% |
| Communication Services | 0.00% | 0.00% | 93.76% | 98.15% |
| Consumer Defense | 0.00% | 0.00% | 29.70% | 94.44% |
| Consumer Cyclical | 0.00% | 0.00% | 97.08% | 74.07% |
| Basic Materials | 0.00% | 0.00% | 7.13% | 87.04% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | CRUZ % Rank | |
|---|---|---|---|---|
| US | 73.26% | 26.30% | 99.97% | 72.22% |
| Non US | 26.02% | 0.00% | 73.67% | 27.78% |
CRUZ - Expenses
Operational Fees
| CRUZ Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.45% | 0.08% | 2.44% | 75.93% |
| Management Fee | 0.45% | 0.03% | 0.85% | 25.93% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | 50.00% |
| Administrative Fee | N/A | 0.03% | 0.25% | N/A |
Sales Fees
| CRUZ Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 3.50% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
| CRUZ Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | N/A | N/A | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| CRUZ Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 4.00% | 214.00% | 26.83% |
CRUZ - Distributions
Dividend Yield Analysis
| CRUZ | Category Low | Category High | CRUZ % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 3.30% | 96.30% |
Dividend Distribution Analysis
| CRUZ | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annually | Quarterly | Annually |
Net Income Ratio Analysis
| CRUZ | Category Low | Category High | CRUZ % Rank | |
|---|---|---|---|---|
| Net Income Ratio | N/A | -1.54% | 2.70% | 75.51% |
Capital Gain Distribution Analysis
| CRUZ | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Semi-Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 29, 2023 | $0.241 | OrdinaryDividend |
| Dec 30, 2022 | $0.021 | OrdinaryDividend |
CRUZ - Fund Manager Analysis
Managers
Anand Desai
Start Date
Tenure
Tenure Rank
Jun 03, 2021
0.99
1.0%
Anand Desai. Mr. Desai has been an Associate with Penserra since 2015. Prior to joining the Penserra Capital Management, LLC, Mr. Desai was a portfolio fund accountant at State Street for five years.
Dustin Lewellyn
Start Date
Tenure
Tenure Rank
Jun 03, 2021
0.99
1.0%
Dustin Lewellyn, CFA. Mr. Lewellyn has extensive background in institutional investment process with a specific focus on exchange-traded funds (“ETFs”). Mr. Lewellyn was a portfolio manager at BGI (now part of Blackrock), and he managed a number of international equity funds. Dustin also was head of ETF product management and product development at Northern Trust where he oversaw the build out and management of all areas of a new ETF business, including primary responsibility for the portfolio management process surrounding the ETFs. Mr. Lewellyn also built and ran a new ETF business for Charles Schwab, including having primary responsibility for the technology and investment process to support portfolio management for the ETFs. Mr. Lewellyn started a consulting business with a focus on ETFs and helped numerous new ETF sponsors, as well as service providers, understand the resource requirements to participate in the industry utilizing current best practices. Mr. Lewellyn holds a B.A. from University of Iowa and is a CFA Charterholder. He also holds security licenses 7, 63, 66 and 24.
Ernesto Tong
Start Date
Tenure
Tenure Rank
Jun 03, 2021
0.99
1.0%
Mr. Tong has been a managing director with Penserra since 2015. Prior to joining Penserra, Mr. Tong spent seven years as a vice president at Blackrock, where he was a portfolio manager for a number of the iShares ETFs, and prior to that, he spent two years in the firm’s index research group.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.31 | 24.18 | 12.19 | 14.22 |